Omaha daily bee., 1887-05-08
WEEKLY BUSINESS REVIEW.
Operators in Grain and Provisions Liberal
Borrowers Of. Money.
CHICAGO BANK CLEARING LARGE
The Petrole um and Produce Markets
Exhibit Increased Activity-Stocks
of Grain Gradually Decreasing
Crop News Favorable.
The Week in the Commercial World.

Crop News Favorable.
The Week in the Commercial World.
CHICAGO, May 7.-lSpecal Telegram to
the BEE. While the demand for money
was brisk during the early part OF the week.
there was not quite SO much inquiry for ac-
commodations within the past day or two
though fully as active as bankers desire to
see. They can readily place all their loana-
BILE funds at satisfactory rates OF interest,
and that, too. without the acceptance of
paper from outside parties. Deliveries of
property on May contracts were unusually
heavy, and large sums of money were re-
quired to pay for them, but all arrangements
had been provided for and the money
promptly paid out. or course the market
was very close for a day or two, but after the
money was distributed and settled back in
natural channels again, bankers were in
more comfortable position and no difficulty
was experienced in obtaining favors. Oper-
ators in grain and provisions were pressing
in their demands, and were liberal borrow
ers on wide margins and full rates OF inter
est. Shippers of grain asked for few
favOrs and succeeded in obtaining
all the money they required. Whole
saes merchants were moderate borrowers
and lumber dealers presented some paper
for discount Country shippers require some
money, especially in sections where the
farmers ale about through with their spring
seeding, and shipments of currency to the
interior, while not very large, were somewhat
larger than during the week previous. Chi
cago bank clearings for the past week were
the largest in the history of the city. VIII
S0SS2,Oi4. Collections are reported rather
slow, though merchants in the mercantile
trade report business active and considerably
in excess of this time last year. Rates of in
terest are well supported; with borrowers 1t
is almosta secondary consideration. Call
loans commanded Gar per cent and time
loans ranged at Gas per cent depending on
the amount OF money required and the
standing OF the borrower. There was rather
more Shining" on the street, but it is
confined to parties who are not regular
borrowers at banks or who desire funds for
special purposes. Money in the eastern mar
ket exhibited little more clOseneSs and in
terest rates were q little more favorable to
lenders. In European financial centers
money Is reported abundant and very cheap.
Loans on the London market are quoted at
1(92 per cent. The balances IN the leading
foreign banks show an increase. New York
exchange was in good supply early In the
week, with only moderate demand, and the
banks at 5OGG0 cents discount per $1,000.
Toward the close the offerings were light
and the demand was fair, causing quite
sharp reaction, ana prices were advanced
again, with sales at par to @5 cents premium
per 81, 900, and the market closed steady at
par. Foreign exchange was in fair supply
and the demand was limited. Rates were
comparatively steady. Shippers sixty days
hands at 81. s411sS sSGe4. s5 and closed steady at
S4.s41a@+s4a. The New York stock mar
ket was only moderately active during
the week just closed. Early in the week spec
outside of stocks and watching the deliveries
OF May contracts, but toward the close the
market was more active, with leading prop
critics attracting more attention. The earn
ings Of the different railroads show sub
stantial increase, and the favorable outlook
for growing crops makes stocks little more
attractive to spectators at present. Prices
but toward the close the market showed con-
siderable strength and some OF the leading
stocks sold at higher figures. The stocks of
the principal western roads met with more
favor and toward the close were purchased
with considerable freedom. Chicago opera
tors have done tair business In Wall street,
but cOntine their operations to specialties.
Foreign operators traded to some extent and
American securities abroad showed little
more steadiness within the past day or two.
Sales on the New York Stock exchange dur
ing the past week q tgregated 1.306, lS6 shares
Petroleum has exhibited cons iderable activ
ity during the past week, and the market
considerable, though within moderate
range. Opening sales were made at IS cents,
sold at 654(96sA cents, and closed steady at
es cents; W The The aggregate a;rea sales on
for the week were 9,564,OoO barrels.
Considerable interest manifested in the
produce markets during the early part of the
week, not so much regarding the volume OF
business and change In prices as to the out
come Of the deliveries OF property on May
contracts. It was we'll known that large
quantities of all kinds of grain and provi
siOns would be delivered, and the effect of
the proceeding and the final centerng of the
property was watched with considerable
eagerness and anxiety 1t is generally be-
lieved that not less than 5000, COO bushels of
wheat, 5,OOO,O 900 bushels Of corn $4,000 barrels
of mess pork, 10000 terces of lard and
1S,OOO,O 900 pounds of short rib sides were ten
dered on maturing contracts and the prop
erty was readily accepted and promptly paid
for, the greater portion centering In the
hands of four or five large houses. and only
small proportion seeking the market again.
No very marked effect was petceptble in the
course of the market, provisions showing
slight weakening temporarily. Toward the
close the markets exhibited some steadines,
though prices were improved only in
exceptional cases. Speculative trading has
been quite active in all branches, with good
business in transferring contracts ahead at
has been fairly active, particularly for grain,
and the outward mo Dnent was liberal,
though largely by the water route. Arrivals
were fair, but not as large as during the week
previous, which may be attributed to the
limited storage facilities at present ana the
fact that farmers are busy with their spring
work. Stocks of grain are gradually de-
creasing, while the supply OF provisions is
manufacture. Adyices from depeAding mar
kets, both foreign and domestic were little
more favorable to sellers. The export move
ment of grain was fair but comparatively
light of provisions. Crop reports were gen.
orally of favorable tenor in this country
but the news from abroad indicated consider
able backwardness in grain with the outlook